Credit Cards vs. Personal Loans
If you have not crossed your set limits in accessing funds from elsewhere, you can get a cash advance at any time. This applies if your financial situation has not changed even after you got the card.
Even in this situation, a credit card charges an interest rate that is usually in the double digits. There are even higher cash advance rates involved and linked to the U.S. prime rate. Therefore, when the Federal rates go up, your rates too are affected.
There are also cases when personal loans are a better option for you. Sometimes, you may get lower rates on personal loans than credit card rates, if you have a credit score that is high enough. Further, experts say that personal loans involve lesser personal troubles. With personal loans, you pick a term and complete the payment. However, the credit cards have variable rates and the payment would change accordingly. Further, you can also add to the credit card balance, which would take longer to pay off.